What's the minimum salary you would consider full retirement?

[F1980]

As it currently stands, I will be making about $2000 a month from my 401k and about $2400 from Social Security. That is if I don't increase my 401k contributions. I'm not sure how I feel about it. I will not have a mortgage as the house is paid off.

So that's $4,400 a month I'll be getting to spend on bills and food.

I'm not sure if that's enough. I'm thinking of increasing my 401k contributions to where I'll be getting $3000 a month from it, plus the $2,400 from Social Security, totalling a monthly income of $5,400.

 

[Fury]

Unless you're retiring in the next decade, the currency will probably be bottle caps and bullets by the time you do retire.

 

[Fedorgasm]

Between my 401k and social security I'll have to live on 121,000 per year.

But I'm going to increase my contributions because by the time I retire that probably will be the equivalent of making 30k today

 

[Contempt]

Uh... no idea to be honest. I'm still a long way off retirement age so not a big deal TBH.

 

[TeTe]

I put more in my Roth IRA than in do my 401k each year. 401ks are too restricted when it comes to investments. We'll see how that goes over the next 15 years.

Honestly $4400 should be enough if your house is paid off. That's the key.

 

[boingyman]

I've mentioned this many times in the past. If my wife and I continue to do what we do until retirement we will have multiple streams of retirement income. We will both have federal and state pensions, social security, retirement investments and own 2 homes outright. I've done rough calculations (estimates) and our combined pensions should be over $150k + social security x2 and combined retirement accounts may likely break into the 8 figures in our 60s. This is all with the expectation of paying private school tuition x2 until high school and paying for their college education. My wife said if they want to go medical school, we're paying for it so I may have to suck it up and work until I'm 65!

 

[Fedorgasm]

I put more in my Roth IRA than in do my 401k each year. 401ks are too restricted when it comes to investments. We'll see how that goes over the next 15 years.

Honestly $4400 should be enough if your house is paid off. That's the key.

The big advantage of a 401k is the contribution limit is super high. And your company usually gives you a matching contribution.

So while you can only put 7k in your Roth IRA, you can put like 23k in your 401k and your company will give you a free 16k so that's like 39k going into that account.

That's why the best strategy is to contribute enough to get the max 401k match since that's free money. Then if you have any money left then contribute to your Roth IRA.

Then if you hit the max for your Roth then anything left you go back and put onto your 401k until you reach the contribution limit there.

 

[Fedorgasm]

LOL I think my math is way off but I'm to drunk to fix it

 

[boingyman]

The big advantage of a 401k is the contribution limit is super high. And your company usually gives you a matching contribution.

So while you can only put 7k in your Roth IRA, you can put like 23k in your 401k and your company will give you a free 16k so that's like 39k going into that account.

That's why the best strategy is to contribute enough to get the max 401k match since that's free money. Then if you have any money left then contribute to your Roth IRA.

Then if you hit the max for your Roth then anything left you go back and put onto your 401k until you reach the contribution limit there.

Yes this is the typical investing prioritization.

1. Contribute to 401k or equivalent up to the employer match.
2. Max out HSA (if available and applies to you).
3. Max out roth IRA (do backdoor if MAGI exceed income limits).
4. Contribute/max out 401k.
5. If very high earner and have access to mega backdoor roth, max out mega backdoor roth.
6. If you have kids contribute to 529 plans.
7. Invest in taxable brokerage account.

 

[chardog]

I've mentioned this many times in the past. If my wife and I continue to do what we do until retirement we will have multiple streams of retirement income. We will both have federal and state pensions, social security, retirement investments and own 2 homes outright. I've done rough calculations (estimates) and our combined pensions should be over $150k + social security x2 and combined retirement accounts may likely break into the 8 figures in our 60s. This is all with the expectation of paying private school tuition x2 until high school and paying for their college education. My wife said if they want to go medical school, we're paying for it so I may have to suck it up and work until I'm 65!

I helped my dad with his pension, it said he would receive 10K a month, what he got was 5…… not sure how all that works, but it seemed wrong or maybe that would have been some cash out value. 5 is good until you realize he bought a home in California and has unexpected illness that forced him into retiring early.

I would be ok with 100K a year, will likely have more because my wife is super aggressive when it comes to making money

 

[philcrow]

4400 a month with no mortgage seems more than doable. Extend it by getting out of dependency on a system that wants you dead as much as you can. Don't pay hospital bills, say no to consumerism, grow some of your food, learn to hunt, butcher, and preserve your kills if you don't already know how, and you'll be way more than fine and if it's not enough then the system is already in implosion mode and you'll need to do that anyway as this becomes another Weimar or South Africa model.

 

[Kung Fu Kowboy]

$5 Billion.... Maybe $50 Billion considering on how the economy looks after Trump is done with it.

 

[Takes Two To Tango]

4400 a month with no mortgage seems more than doable. Extend it by getting out of dependency on a system that wants you dead as much as you can. Don't pay hospital bills, say no to consumerism, grow some of your food, learn to hunt, butcher, and preserve your kills if you don't already know how, and you'll be way more than fine and if it's not enough then the system is already in implosion mode and you'll need to do that anyway as this becomes another Weimar or South Africa model.

I agree $4400 is pretty decent if you have no mortgage imo.

 

[BB in Crazy!!!!]

Minimum currently?
I could retire off probably 4k a month.
If I were to retire today with everything I have, it would be 5.5k a month.

 

[Kassitus]

That's a lot more than I make as a full time working professional lol you should be fine until inflation cuts it down.

 

[Brampton_Boy]

Inflation adjusted, I would want to make about $6000CAD per month (ideally).

It's far more than I need based on expenses (which are about $4K), but I don't like the idea of drawing down on my savings/investments.

 

[Natural Order]

Worrying about the future is for pussies!

 

[Goon Dog]

I know it's cliche, but I don't even factor social security into my calculations. Politicians know it's career suicide to cut or kill it, so they keep pushing back the age brackets until we're lucky to live long enough to collect for 5 years. We have no debt, so I'd settle for enough to spoil the grandchildren.

 

[F1980]

I want $200 a day in disposable income after all the bills and food have been taken care of

 

[HHJ]

I wanna say 6k but NY is fucked up